The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-12-10
STATE CREDIT FINE.
GOV. TAYLOR AND ASSISTANT COMP.
TRoLLER ALLEN INTERVIEWED.
The Latter Gives Facts and Figures
Showing Tennessee To Be in Better
Financial Condition Than Since the
War-How Debts Are Paid.

Gov. TAYLOR and his associates, Messrs
Picard and House, who came to Memphis
TO borrow 100000, with which to pay the
States January interest, must have been
tickled almost to death over their success
They speak enthusiastically of the matter
at every opportunity and on the slightest
provocation. A Nashville Americaa re-
porter dropped in Thursday afternoon
upon the Governor in the executive Office
said his excellency, referring to the recent
business trip OF himself Comptroller
Picard and Assistant Treasurer House TO
this city: "Our success must have been
due to the handsome men who went down
to represent the State" Then, more seri-
Ously, the Governor said eve were
treated with the utmost consideration bv
the bankers Of Memphis. As soon az
we arrived | addressed notes TO
the head officials OF the various
banks of that city, saying that
Iwould be grateful il they would meet me
this afternoon at o'clock. Every one re-
Bponded promptly. Each one OF our party
made statement OF our case We told
Them the State was in need of the money
and We wanted them to furnish il to us
There were subsequent meetings of the
boards OF directors OF the various banks,
and each board unanimously agreed to let
us have the money. This, TOO, was in spite
OF the fact that money was very hard and
the market stringent II was big favor
TO the State, and was highly appreciated
Their action will do much for the credit of
Tennessee, showing as il does that we
have the confidence of our own capt.
talists"
The reporter later held a conversation
with Mr.. j. w. Allen, chief clerk i'm the
State comptroller's office. In response 10
jnquiries, Mr. Allen stated that the affairs
of the State are in better condition now
than they have been at any time since the
war. lie said that we now had retired
about $500 900 OF the States floating debt.
which amounts 10 about 81 900 900, known
us the new issue Bank of Tennessee
certificates. In addition the State has
completed the new East Tennessee asv-
ium Tor the insane, and almost COM
pleted the West Tennessee asylum for the
1nsane the two costing in the neighbor-
hood Of $4,000. II had also promptly
met all the interest on the State debt: had
paid extra appropriations made by the Leg
islaturcs OF 1883, 'S5, 81 amounting TO. in
NIL, about Sl50,000 on Scent tax, and
yet the State is only $4,000 in
debt. Most OF this can undoubtedly be
paid by March /, 1883, together with
what the State has TO borrow 10 pay
the interest that falls due January /,
1858. 81 venture the prediction, CON
1inucd the efficient clerk, who is always at
his post of duty, and who knew what he
was talking about, "thc valuation of prop.
ery in the State for lSSs will nearly double
hat g.al Al.
creased valuation, coupled with and added
% the increased privilege taxes, will enable
the State 10 repay in February, 1850. every
cent that IL has borrowed. This will leave
besides a sufficient amount under the pres.
ent rate OF taxation TO pay the balance Of
The current expenses, the interest on the
States debt through 1850, aud leave q sur.
plus ~ the treasury 10 begin the rcdemp-
hon oionr state debt proper bonds in 1890"
Speaking OF the assessment act OF 1887,
Mr.. Allen said that the collection OF reye.
niue under II was better than ever antici.
patcd. The State had saved $4,000 on
accouni of IL through close collections by
Trustees, as compared with 1886, and that
now the attorneys were collecting at the
lowest calculation 300 per cent. more than
was ever collected under the old laws. In
fact, he said, under the old laws the comp.
HUNT Vouiu Rcl no hlloncNh III great
,nany counties throughout the State. and
comparatively nothing was done in the
way Of collecting back taxes. In n great
many counties throughout the State a
sufficient amount of taxes is due 10 almost
equal one years taxes, and which will bc
collected within the next twelve months.
Thereby increasing our revenues for 1888
trom q source not anticipated.
while am on that point" continued
the chief clerk, at would not be bad idea
Tor you 10 suggest the ACCESSIBILITY Of the
county supcrintendents Of public instruc.
lion doing whatever Is in their power TO.
ward seeing that school taxes on deln-
qucnt real estate are collected and ac-
counted for as Il should he. There is no
doubt but that Tennessee is on u good
financial basis, and that, in u short period,
her securities will be sought after rs in no
other State in the Union"